Fiscal Year 2023 Current Activities and Operations

The operations of the New York City Municipal Water Finance Authority (“NYW”) consist of executing the requirements of the New York City Municipal Water Finance Authority Act, NYW’s bond resolutions and other governing documents. NYW finances the ongoing capital needs of the water and sewer system of the City of New York (the “System”) with proceeds from the issuance of bond anticipation notes (“BANs”) and long-term bonds. NYW uses these proceeds to reimburse the City of New York’s general fund for capital expenditures incurred on behalf of the System. NYW complies with federal tax law to preserve the tax exemption of its debt. NYW also maintains various contractual obligations necessary to achieve efficient and cost-effective financing and administers its outstanding debt and investments portfolios by monitoring and directing application of funds to meet debt service on its bonds and notes.

On November 22, 2022, NYW issued $750 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2023 Series AA. $424 million of proceeds from the sale funded capital projects of the System. The bonds also refunded the following Second Resolution fixed rate bonds: $288.2 million of Fiscal 2013 Series BB, $26.7 million of Fiscal 2018 Subseries CC-2, and $60 million of Fiscal 2019 Subseries DD-2. The bonds have a final maturity of 2052.

On December 6, 2022, NYW issued $233.2 million of fixed rate Second Resolution bonds, Fiscal 2023 Series 1 to the New York State Environmental Facilities Corporation (“EFC”). Proceeds of the bonds were used to pay off $229.9 million of Fiscal 2022 Series 8 Bond Anticipation Notes. The bonds have a final maturity of 2052.

On December 13, 2022, NYW issued $106.5 million of fixed rate Second Resolution bonds, Fiscal 2023 Series 2 to EFC. Proceeds of the bonds were used to pay off $106.5 million of Fiscal 2017 Series 1 Bond Anticipation Notes. The Bonds have a final maturity of 2052.

On December 15, 2022, NYW issued $200 million of tax-exempt variable rate Second Resolution bonds, Fiscal 2023 Series BB. The bonds refunded $200 million of First Resolution variable rate Fiscal 2012 Series A. The bonds have a final maturity of 2044.

On February 16, 2023, NYW issued $200 million of tax-exempt variable rate Second Resolution bonds, Fiscal 2023 Series CC. The proceeds from the sale funded capital projects of the System. The bonds have a final maturity of 2053.

On March 21, 2023, NYW issued $1.29 billion of tax-exempt fixed rate Second Resolution bonds, Fiscal 2023 Series DD. The bonds refunded the following First Resolution variable rate bonds: $84.1 million of Fiscal 2001 F-2 and $50 million of Fiscal 2003 Subseries F-1-A; the bonds also refunded the following Second Resolution fixed rate bonds: $195.4 million of Fiscal 2013 Series CC, $466.9 million of Fiscal 2013 Series DD, $244.3 million of Fiscal 2013 Series EE, and $353.8 million of Fiscal 2014 Series BB. The bonds have a final maturity of 2047.

On June 29, 2023, NYW issued the following fixed rate Second Resolution bonds to EFC: $194.3 million Fiscal 2023 Series 4, $187.6 million Fiscal 2023 Series 5, and $152.8 million Fiscal 2023 Series 6. Proceeds of the bonds were used to refund $214.2 million of Fiscal 2014 Series 1 and $152.8 million of Fiscal 2014 Series 2, and to pay off $198.1 million of Fiscal 2022 Series 8 and Fiscal 2023 Series 3 Bond Anticipation Notes. The bonds have a final maturity of 2053.

To provide new money funding, over the course of the fiscal year, NYW drew $613.3 million on BANs issued to EFC.